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Market Commentary for November 7, 2006 from Millennium-Traders.com - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news
Market Commentary for November 7, 2006 from Millennium-Traders.com

 

NewswireToday - /newswire/ - Somerset, PA, United States, 2006/11/07 - Written for day traders, active traders and investors. A review of the market activity for the day, economic data plus, world news.

   
 
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For the second day of the week, the major indices moved higher with the Bulls in control of the market action. Trading volume was moderately heavy however, over all trading action appeared strange and almost listless, with tight trading ranges through out the session. At the closing bell, here is how the major indices ended this Election Day; the DOW (Dow Jones Industrial Average) proudly moved higher by 51.22 points to close at 12156.77; the NYSE (New York Stock Exchange) moved higher by 15.60 points to end the day at 8835.11; the NASDAQ moved slightly higher by 9.93 points to close at 2375.88; the S&P 500 (Standard & Poor’s 500 Index) gained 3.06 points on the day to close at 1382.84 and the RUSSELL 2000 tacked on 1.32 points to close at 764.40. The FTSE All-World Index ex-US (top Large/Mid Cap aggregate from over 2,700 stocks from the FTSE Global Equity Index Series (GEIS) which covers 90% of the worlds investable market capitalization) moved higher by 0.59 to close at 230.18 and the FTSE RAFI 1000 moved higher by 8.51 points to close at 5740.40.

During the session, the DOW succeeded in hitting a new intraday record high.

Economic data released for the day:

ICSC-UBS Store Sales: Weekly measure of comparable store sales at major retail chains which is related to the general merchandise portion of retail sales, as reported by the International Council of Shopping Centers. This date accounts for approximately 10% of total retail sales. Store sales week over week change came in at 1.0% and Store Sales year over year change came in at 2.3%.

Redbook: General merchandise portion of retail sales covering only approximately 10% of total retail sales, this data is a weekly measure of sales at department stores, chain stores and discounters. Store Sales year over year change came in at 3.4%.

Consumer Credit: The outstanding dollar value of consumer installment credit. The state of consumer finances and portend future spending patterns is indicated by, Consumer Credit. Consumer Credit month over month change fell by $1.2 billion compared to consensus of $6.0 billion.

On the commodities markets, the trend was mixed across the board today: Light crude fell by $1.09 to close at $59.75 a barrel; Brent Crude ended the day on Monday with a gain of $0.60 to close at $59.75 a barrel; Heating Oil closed lower by $0.04 to reverse the same in gains yesterday, to close at $1.68 a gallon; Natural Gas ended the day higher by $0.18 at $8.13 per million BTU and Unleaded Gas had not change to close at $1.52 a gallon.

Metals ended the session mixed again today: Gold moved lower today by $0.20 to close at $627.70 an ounce; Silver moved lower by $0.09 to close at $12.68 an ounce; Platinum fell by $4.40 to close at $1,192.30 an ounce and Copper ended the day with a gain of $0.03 to close at $3.37 per pound.

On the Livestock and Meat markets, the trend was mixed on the session across the board today: Lean Hogs moved higher by 0.10 to close at 64.63; Pork Bellies closed higher by 0.33 to end the day at 90.85; Live Cattle shed 0.25 to end the day lower at 85.25 and Feeder Cattle ended lower again today by 1.38 to close at 94.95.

Other Commodities: Corn gained 7.50 on the day to close at 351.00 and Soybeans gained 4.50 to close at 667.25.

Bonds moved higher across the board today: 2 year Bond closed higher by 3/32 at 100 6/32; 5 year bond closed higher by 7/32 at 99 31/32; 10 year bond moved higher by 10/32 to end the day at 101 21/32 and the 30 year bond closed higher by 17/32 at 96.

The end of day results for the CBOT (Chicago Board of Trade) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction and Cash Exchange ended the day at 2,259,844. Open Interest for Futures fell by 45,201 to close at 8,754,170 and the Open Interest for Options moved higher by 51,660 to close at 7,639,167 for a total Open Interest of 16,393,337 for a total gain on the day by 6,459. The mini Dow ended the session higher by 57 to close at 12190. The total Dow Exchange Volume for the day came in at 111,233 which are comprised of Electronic, Open Auction and Cash Exchange. Traders should review workshops available at the CBOT (Chicago Board of Trade) Educational in-person seminars schedules available on CBOT (Chicago Board of Trade) website.

New York Stock Exchange movers for the day: SWS Group Incorporated (SWS) moved higher by 2.90 points for a gain on the day of 10.84%; Baldor Electric Company (BEZ) tacked on 2.24 points for a gain of 7.22%; Emerson Electric Company (EMR) rose by 4.87 points to gain 5.90% on the session and Technical Olympic USA Incorporated (TOA) fell sharply by 35.13% for a loss of 3.79 points.

On the NASDAQ today, advancers came in at 1,633; decliners totaled 1,445; unchanged came in at 139; new highs came in at 147 and new lows came in at 29. Gainers and losers for the day on the NASDAQ: PRG-Schultz International Incorporated (PRGX) gained 22.86% on the day for a rise of 1.26 points; Rural Cellular Corporation (RCCC) climbed higher by 2.15 points to climb by 22.73%; Fuel Tech Incorporated (FTEK) moved higher by 4.34 points for a gain of 22.44% and Sykes Enterprises Incorporated (SYKE) fell by 2.52 points for a loss on the day of 12.56%.

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Market Commentary for November 7, 2006 from Millennium-Traders.com

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